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CAM Practice Questions Ch. 3 Questions and Answers 100% Accurate
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CAM Practice Questions Ch. 3
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CAM Practice Questions Ch. 3What determines how a given parcel of land may be used?
a. The site plan
b. Zoning regulations
c. The developer's filing document
d. The community development master plan – answer b. Zoning regulations
All, except which of the following, is true regarding the creation of a community
association?
a. It is created when a developer files the required legal documents with the applicable
legal entity
b. The legal documents filed by the developer identifies a specific property as a specific
type of community association
c. The community association must be incorporated
d. The property must have at least one purchaser of a unit or parcel – answer d. The
property must have at least one purchaser of a unit or parcel
What is the purpose of the prospectus?
a. It creates the entity that will operate and manage the association
b. It summarizes the sales contract, escrow requirements, rules, and other pertinent
information
c. It is a lease between the owner and the developer
d. It is a drawing or map that shows precise legal boundaries and location of
improvements to the law - answerb. It summarizes the sales contract, escrow
requirements, rules and other pertinent information
The legal documents that the developer must file with various government entities
before offering units or parcels for sale should meet all but which of the following
requirements?
a. They should address the use of the land and administration, maintenance and
operation of the property
b. They should be bound into a book, referred to as "the documents"
c. They should be enacted into law by the local goverment commission or council
d. Copies should be available to prospective buyers or lessees at the time of contract -
answerc. They should be enacted into law by the local gov't commission or council
All of the following is true of disclosures, except:
a. The prospective buyer should not execute the sales contract until they have read the
disclosures that the developer has withheld
b. Disclosures required by statute are included in the prospectus
c. If all disclosures required by statute are not provided by the developer, the
prospective buyer can cancel the sales contract without penalty
, d. A prospective buyer can withdraw from a sales contract, within the rescission period
that begins the date they receive the statutory disclosures - answera. The prospective
buyer should not execute the sales contract until they have read the disclosures that the
developer has withheld.
What is a recission period?
a. It is the time period in which the developer must file the formal documents with the
local gov't
b. It is the number of days in which the developer or agent of the seller must receive
notification of mortgage approval or the full sales price is placed in escrow, after which
the contract may be considered void
c. It is the time period after the prospective buyer receives the prospectus, by which he
must accept, or reject, the contract for sale
d. It is the number of days, after which the prospective buyer/lessee receives all
required documents that they can withdraw from the sale without penalty - answerd. It is
the number of days, after which the prospective buyer/lessee receives all required
documents that they can withdraw from the sale without penalty
All, except which of the following, is true regarding the structure of Florida community
associations?
a. All corporations created after Jan 1, 2017, are required to be community associations
b. Community associations may be for profit or not for profit
c. For profit corporations are governed by F.S. 607 and not-for-profit corporations are
governed by F.S. 617
d. All community associations created after Jan 1, 1977, are required to be corporations
- answera. All corporations created after Jan 1, 2017, are required to be community
associations
Condominium associations are governed and regulated by which statute and rules?
a. F.S. 718 and F.A.C. 61B-15 through 24; 45; and 50
b. F.S. 719 and F.A.C. 61B-75 through 79; 45; and 0
c. F.S. 720 and F.A.C. 61B-80 through 81
d. F.S. 718 and F.A.C. 61B-75 through 79; 45; and 50 - answera. F.S. 718 and F.A.C.
61B-15 through 24; 45; and 50
Homeowners' associations are governed and regulated by which statute and rules?
a. F.S. 718 and F.A.C. 61B-17 through 24;
45; and 50
b. F.S. 719 and F.A.C. 61B-75 through 79;
45; and 50
c. F.S. 720 and F.A.C. 61B-80 through 81,
and 85
d. F.S. 719 and F.A.C. 61B-17 through 24;
45; and 50 - answerc. F.S. 720 and F.A.C. 61B-80 through 81, and 85
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